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| Shawnee Shoals Neighborhood Association, Inc. | |||||||||||
| BY-LAWS OF SHAWNEE SHOALS NEIGHBORHOOD ASSOCIATION | |||||||||||
| Preface | |||||||||||
| Article I ~ Name | |||||||||||
| Article II ~ Purpose | |||||||||||
| Article III ~ Membership | |||||||||||
| SECTION 1. | Every person or entity who owns or holds an equitable interest in any lot whether as land contracts, vendee or fee holder, who is subject to these covenants and has paid an annual membership fee to the Association shall be a member of the Association provided that any person or entity who holds such interest merely as security for the performance of an obligation shall not be a member. | ||||||||||
| SECTION 2. | Persons not holding such an interest in any lot may become non-voting members of the Association under terms and conditions prescribed by the Board of Directors. | ||||||||||
| SECTION 3. | A. | Each member in good standing and his immediate family living in that household and guests when accompanied by the member of the member's immediate family shall be entitled to the use and enjoyment of the common properties and facilities as prescried by the Board of Directors. | |||||||||
| B. | Guests of the members when not accompanied by the member shall be entitled to the use and enjoyment of the common properties and facilites subject to restrictions adopted by the Board of Directors upon presentation of a written authorization from an Association member. | ||||||||||
| SECTION 4. | A. | Membership is subject to payment of annual dues and to a member obeying written rules and regulations of the Association. | |||||||||
| B. | The right to membership shall be automatically suspended where annual dues are delinquent for sixty (60) days, unless the suspension is stayed due to hardship by action of the Board of Directors. | ||||||||||
| C. | Only members in good standing may hold an appointed or elected office in the Association. | ||||||||||
| D. | All members shall have the responsibioity to notify the Secretary of any change of address, sale, or transfer of property. | ||||||||||
| SECTION 5. | Membership Certificates: Each member in good standing shall be entitled to a membership certificate. Such membership certificates shall not be transferable. | ||||||||||
| Article IV ~ Voting Rights | |||||||||||
| Article V ~ Membership Meetings | |||||||||||
| Article VI ~ Election of Directors | |||||||||||
| Article VII ~ Board of Directors | |||||||||||
| Article VIII ~ Officers | |||||||||||
| Article IX ~ Committees | |||||||||||
| Article X ~ Finance | |||||||||||
| Article XI ~ Conducting Business by Mail | |||||||||||
| Article XII ~ Distribution of Assets After Dissolution | |||||||||||
| Article XIII ~ Seversibility Clause | |||||||||||
| Article XIV ~ Amendments | |||||||||||
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